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- AppZen
AppZen Valuation, Funding & Investors
AppZen is valued at $1.3B as of September 2025.
Last AppZen valuation
$1.3B
Series D · Sep 2025
Last AppZen funding round
$180M
Series D · Sep 2025
Cumulative funding AppZen raised
$281M
across 5 funding rounds
Key investors in AppZen
Redpoint
Lightspeed Venture Partners
Resolute Ventures
Coatue
Bloomberg Beta
Sand Hill Angels
About AppZen
AppZen is an AI platform for finance teams automating expense auditing, accounts payable processes, and compliance checks. It analyzes transactions using deep learning, computer vision, and data from online sources to prevent errors and risks. Serving a quarter of Fortune 500 companies globally, AppZen streamlines financial operations from its San Francisco headquarters.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.3B (Sep 2025)
AppZen Valuation
AppZen is currently valued at $1.3B, based on its Series D in September 2025.
The $180M round was led by Riverwood Capital, with participation from Redpoint, Bloomberg Beta, Lightspeed Venture Partners, Coatue and 500 Global.
AppZen's valuation has grown 197x from $7M at its seed round in June 2016 to $1.3B in September 2025, across 5 priced rounds.
AppZen valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2025 | Series D | $1.3B |
| Sep 2019 | Series C | $500M |
| Oct 2018 | Series B | $175M |
| Nov 2017 | Series A | $48M |
| Jun 2016 | Seed | $7M |
AppZen Funding History
AppZen has raised a total of $281M across 5 funding rounds.
AppZen's first fundraising round was a $3M seed round in June 2016. The most recent completed round was a $180M Series D in September 2025.
AppZen funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series D | Riverwood Capital (lead); Redpoint; Bloomberg Beta; Lightspeed Venture Partners; Coatue; 500 Global | $180M | $1.3B | AppZen is a San Jose-based AI platform specializing in autonomous finance operations, automating accounts payable, travel and expense auditing, and corporate card compliance for global enterprises using proprietary ZenLM models and AI agents. The company serves over 500 customers, including more than 65 Fortune 500 firms like Amazon and Salesforce, and has delivered over $2 billion in spend savings, enabling finance teams to reallocate up to two-thirds of manual workloads. On September 22, 2025, AppZen raised $180 million in a Series D growth funding round led by Riverwood Capital, with participation from investors including 500 Global, Bloomberg Beta, Coatue, Lightspeed Venture Partners, and Redpoint. Riverwood Capital co-founder Francisco Alvarez-Demalde and partner Alex Porto joined the board. The funding will accelerate development of AppZen's Mastermind AI Studio and AI agents for features like 100% accurate invoice processing, real-time fraud detection across 40 languages and 60 countries, and conversion of financial processes into digital co-workers that handle over 50% of manual tasks without increasing headcount. AppZen reports cash flow positivity, healthy growth, and a workforce exceeding 300 employees (250-500 per some reports). Recent launches include AWS Marketplace offerings for Expense Audit and Autonomous AP in 2025, achieving 91% of invoices processed under two minutes, and a partnership with Sales Innovation for Asia-Pacific expansion. The round values AppZen at $1.3 billion post-money, positioning it to capture share in the $100 billion+ enterprise spend management market amid 25-30% CAGR for AI-finance tools driven by compliance and cost pressures. Client results include 76% cycle time reductions and $556K in high-risk spend detection. AppZen challenges incumbents with finance-specific AI trained over a decade, aiming for 5-10% market share by 2028 if growth continues. |
| Sep 2019 | Series C | Coatue (lead); Redpoint; Geodesic Capital; Sand Hill Angels; Lightspeed Venture Partners; Empede Capital | $50M | $500M | AppZen is an AI-powered finance automation platform that audits employee expenses, automates spending approvals, and helps finance teams ensure compliance and reduce spend before payments. Founded in 2012 by CEO Anant Kale and CTO Kunal Verma, it launched its first Expense Audit product in 2014 and has grown to serve major enterprises including Amazon, Boeing, Novartis, and JP Morgan Chase. On September 9, 2019, AppZen raised $50 million in a Series C round led by Coatue Management, with participation from previous investors Lightspeed Venture Partners, Redpoint Ventures, Geodesic Capital, and others including Sand Hill Angels. This brought total funding to over $100 million, following a $35 million Series B in 2018 at $175 million post-money valuation and earlier rounds from Bloomberg Beta, Mastercard, Resolute Ventures, and more. The round was secured at a $500 million post-money valuation. The new capital was earmarked to expand AI, engineering, and product teams, enhance platform capabilities for enterprise CFOs, and support international growth including offices in the UK, US expansions, and India. AppZen reported quadrupling revenue in 2018 and reaching 1,500 corporate customers by 2019, positioning it as a leader in AI-driven back-office automation amid rising demand for spend management tools. Subsequent rounds include a $180 million Series D in 2025 led by Riverwood Capital, bringing total raised to $290 million, with the company maintaining AI-first focus on agentic AI for finance. |
| Oct 2018 | Series B | Lightspeed Venture Partners (lead); Redpoint; Sand Hill Angels; Resolute Ventures | $35M | $175M | AppZen is a US-based developer of AI-powered finance automation software that audits employee expenses in real-time to detect non-compliance and fraud, ensuring regulatory compliance and providing detailed insights into organizational spending. The platform targets enterprise finance teams, automating approval processes to accelerate workflows. Founded in 2012 by Anant Kale and Kunal Verma, AppZen launched its first Expense Audit product in 2014 and has grown rapidly, attracting over 650 customers including 25 Fortune 1000 companies by late 2018, with employee count expanding from 20 to over 100 that year. On October 30, 2018, AppZen closed a $35 million Series B funding round led by Lightspeed Venture Partners, with participation from existing investors Redpoint Ventures (Series A lead) and seed investor Resolute Ventures. This brought total funding to just over $52 million at the time. The round was secured at a reported $175 million post-money valuation (following a $140 million pre-money valuation), more than tripling the prior valuation and reflecting strong growth in AI enterprise adoption. Funds were earmarked to supercharge expansion of the AI platform, engineering, and product teams while supporting global customer needs. By Series C in September 2019 ($50M led by Coatue at $500M valuation), AppZen reported 1,500 corporate customers. Subsequent rounds include a 2025 Series D ($180M led by Riverwood Capital), building on prior backers like Bloomberg Beta and Mastercard. AppZen positions itself as an early AI-first company focused on back-office finance transformation. |
| Nov 2017 | Series A | Redpoint (lead); Resolute Ventures | $13M | $48M | AppZen raised $13 million in a Series A funding round led by Redpoint Ventures in November 2017, with seed investor Resolute Ventures also participating. The financing brought the company's cumulative funding to over $17.5 million. Redpoint Ventures partner Alex Bard joined AppZen's board as part of the investment. AppZen, founded in 2012 by CEO Anant Kale and CTO Kunal Verma, provides AI-powered software that automates expense management and fraud detection for enterprise customers including Amazon, Comcast, Hitachi, Intuit and others. The company's platform integrates with major expense reporting systems such as Concur, Oracle, Chrome River and Coupa, flagging compliance issues and suspicious transactions in real-time for audit teams. At the time of this Series A round, AppZen had demonstrated strong customer adoption and was expanding its team to scale the platform's capabilities beyond expense auditing into invoicing, procurement and broader back-office automation. |
| Jun 2016 | Seed | Resolute Ventures (lead); Amicus Capital; Bloomberg Beta; FundersClub; Mastercard; Arba Seed Investment Group; Silicon Valley Bank | $3M | $7M | AppZen raised a $2.9 million seed round in June 2016 led by Resolute Ventures with participation from Amicus Capital, Arba Seed Investment Group, Bloomberg Beta, FundersClub, Mastercard, and Silicon Valley Bank. The company develops AI-powered finance automation software that automates expense auditing, approval, accounts payable, and compliance processes for enterprises. AppZen was founded in 2012 by CEO Anant Kale and CTO Kunal Verma. |
Who has invested in AppZen?
15 investors have backed AppZen across its funding rounds, including Redpoint, Lightspeed Venture Partners, Resolute Ventures, Coatue, Bloomberg Beta and Sand Hill Angels.
Lead investors include Riverwood Capital, Coatue, Lightspeed Venture Partners, Redpoint and Resolute Ventures.
AppZen Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Nov 2017 | ||
| 3 | Lead | Oct 2018 | ||
| 3 | Lead | Jun 2016 | ||
| 2 | Participant | Jun 2016 | ||
| 2 | Participant | Oct 2018 | ||
| 2 | Lead | Sep 2019 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Lead | Sep 2025 | ||
| 1 | Participant | Sep 2019 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Participant | Jun 2016 | ||
This data is available for Pro users. Sign up to see all 15 AppZen investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAppZen Competitors
AppZen competitors include listed companies like 74Software and PCITECH, and private ones like Basis, Feedzai, Deepgram and Lukka.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $388M | - | $1.1B | 3.0x | ||
| Private | - | - | $2B | - | ||
| Private | $240M | - | $1.3B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $814M | $112M | $1.3B | 1.8x | ||
| Publicly listed | $1.5B | $53M | $1.4B | 0.9x |
AppZen Public Comps
AppZen is still privately-owned, but its public comps include 74Software, Fractal Analytics, PCITECH, Freee, Appier Group, Rackspace, Rezolve AI, BlackLine, TRS Information Technology and Beijing CTJ Info Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $814M | $112M | 1.9x | 1.8x | 13.7x | 9.8x | |||
| $344M | $50M | 3.7x | 3.4x | 25.8x | 21.0x | |||
| $1.5B | $53M | 0.8x | 0.9x | 24.1x | - | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
| $700M | $72M | 2.6x | 2.5x | 25.6x | 8.5x | |||
This data is available for Pro users. Sign up to see all AppZen competitors and their valuation data. Start Free Trial | ||||||||
Common questions about AppZen
| When was AppZen founded? | AppZen was founded in 2012. |
| Where is AppZen headquartered? | AppZen is headquartered in San Jose, CA, United States. |
| Is AppZen publicly listed? | No, AppZen is a private, VC-backed company. |
| What is AppZen's valuation? | AppZen was last valued at $1.3B in its Series D in September 2025. |
| How much funding has AppZen raised? | AppZen has raised $281M across 5 funding rounds. |
| What was AppZen's last funding round? | AppZen's last funding round was a $180M Series D in September 2025, led by Riverwood Capital. |
| Who are AppZen's investors? | AppZen's investors include Redpoint, Lightspeed Venture Partners, Resolute Ventures, Bloomberg Beta, Sand Hill Angels, Coatue, Amicus Capital, Riverwood Capital, Geodesic Capital, FundersClub and 5 others. |
| Which companies are comparable to AppZen? | Companies comparable to AppZen include Basis, Feedzai, Deepgram, Lukka, 74Software and PCITECH. |
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